One thing that I like apart from my online business is collecting rent.
Although it comes with its own risk. But if you ask me, the reward always overtakes the risk in the rental business.
Every month, by the 10th, all rent is automatically deposited in my bank account without fail.
People who fail to send rent are charged extra for late payment. So again, there will be a reward for that.
I still remember when we first rented our property, which was around 5500rs.
Now we collect rent up to ₹8500 based on how many persons (students) stay (not PG).
Rent actively rises every year. Ours is the student market. That, too, out-of-state students studying in college means you can expect good rent.
So it’s really a good income you can depend on.
If your site is also located in such an area, do think about rental property and its income.
It’s really a good source to depend on.
If you are tight on budget, just inform the engineer in future you will build another 2 or 3 floors and ask him to give a plan accordingly.
Once you get the budget, you can reconstruct & add more floors on the same building.
That’s what we did in our first building. First, we built the ground and first floor. After seeing rental returns, we added the 2nd and 3rd floors again.
We are able to add more floors because we planned for the G+3 floor at the time of planning itself.
If you are good at marketing & technology, you can also reduce the vacancy period.
That means more ₹₹₹₹.
I follow my own system to keep my rental units full always. I will share all my experiments and learning at IndianLandlord.com.
I’m not very active there yet.
I will soon when I have something to share.
If you plan to start or already have rental properties in India, join me at IndianLandlord.com to receive landlording tips.
Arun